Why Chegg Stock Plunged 20% This Week
Shares of Chegg (NYSE: CHGG), an online education platform, fell hard this week after the company reported its fourth-quarter results. While Chegg beat Wall Street's top- and bottom-line estimates, the company's management issued 2023 guidance that was lower than expected.
As a result, Chegg's stock tumbled 20% this week, according to data provided by S&P Global Market Intelligence.
Chegg reported non-GAAP (adjusted) earnings of $0.40 in the quarter, which was up 5% from the year-ago quarter and ahead of analysts' average estimate of $0.38.
Source Fool.com
